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<Research>Jefferies: PRU (02378.HK) Buys Nigerian JV Biz; African Assets Overlooked
PRU (02378.HK) announced the acquisition of the remaining shares in Prudential Zenith Life Insurance Limited (PZL), a joint venture in Nigeria, Jefferies issued a research report s...
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<Research>Jefferies: PRU (02378.HK) Buys Nigerian JV Biz; African Assets Overlooked
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PRU (02378.HK)  -0.700 (-0.626%)    Short selling $856.21K; Ratio 48.771%   announced the acquisition of the remaining shares in Prudential Zenith Life Insurance Limited (PZL), a joint venture in Nigeria, Jefferies issued a research report saying.

PZL has established an existing bancassurance relationship with Zenith Bank in Nigeria and Ghana, which utilizes Zenith's 400 branches to reach their 29 million customers.

In Jefferies' view, PRU's African assets have been completely overlooked. Although the current contribution from the business is negligible, Jefferies was bullish on the dynamic relationship between the risk and reward of such investment given the demographic advantages, as failure to execute is unlikely to impact the share price, while high growth could bring unexpected long-term tailwind.

Therefore, Jefferies rated Prudential plc (PRU.L) at Buy, with a target price of GBX1,310.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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